Four Proofs of Silver Manipulation! So, the CFTC says that there is no evidence that the silver futures market has moved silver prices to the downside? If you are willfully blind, or complicit in the manipulation, you won't see anything, or you will say that. Here is my proof that there has been manipulation, especially recently. Over nineteen major coin shops around the world ran out of silver as the price fell from $21 to $16, as I documented here: from March 19th to April 2, and there are many reports even now that it will take a month or longer to get silver! Some of the big name shops included the Canadian Mint, the U.S. Mint, the Perth Mint, Kitco, Amark who is Johnson Matthey's number one silver distributor to the public, and Johnson Matthey is the largest silver refiner in the U.S. Other major online dealers popular with investors who ran out included Tulving, NWT Mint, CNI Numismatics, APMEX, bulliondirect.com and more.
Bernanke urged financial firms to raise more capital Banks and securities firms should continue to raise capital to help them navigate the treacherous waters of the financial market turmoil, Federal Reserve Board Chairman Ben Bernanke said Thursday. "I strongly urge financial institutions to remain proactive in their capital-raising efforts," Bernanke said in a speech to the Chicago Fed Bank's annual banking conference. Bernanke couldn't quite bring himself to criticize federal oversight of financial institutions, saying only that supervisors must redouble their efforts. Earlier this week, San Francisco Fed president Janet Yellen bluntly said that the Fed "missed" some of the risky developments as they were unfolding.
Gasoline prices jump 12% in one month to $3.78 a gallon The average U.S. gasoline price rose about 2 cents to $3.78 a gallon in the last day, according to the Daily Fuel Gauge Report from the Automobile Association of America. The cost of gasoline has risen 22% from its year-ago price of $3.10 a gallon. It's up 11.5% from its price of $3.39 a gallon a month ago.
Industrial output plunges 0.7% in April Industrial output of the nation's factories, mines and utilities dropped 0.7% in April in a broad-based decline led by falling production of motor vehicles, the Federal Reserve reported Thursday. Output of factories fell 0.8%, the biggest decline since September 2005, when Hurricane Katrina disrupted the economy. Industrial production has risen 0.2% in the past year, and is down 1.2% since January. The decline in output was worse than the 0.6% drop expected by economists surveyed by MarketWatch. In another sign of weakness in the factory sector, the New York Fed said its Empire State sentiment index fell to negative 3.2 in May. Readings under zero show more firms are contracting than expanding.
If inflation is up 3.9 percent, why does it feel worse? Between the gas pump and the grocery checkout, Americans have plenty of reasons to list inflation as Economic Enemy No. 1. But how bad is it, really? The short answer: bad enough, but don't judge the problem only by what it costs to fill a fuel tank.It's not surprising that many people feel as if inflation is running hotter than the government's consumer price index (CPI) suggests: just under 4 percent over the past year. Many Americans are paying more, especially if they commute long distances or are putting two kids through college. A perception factor is also at work. The prices now rising fastest are the ones people see the most. Gas prices hit a record $3.76 a gallon Wednesday, according to AAA, up 39 cents in the past month. Food prices in April notched the biggest monthly jump since 1990. So while the prices of some important items bought less frequently – cellphone service, clothing, a house – have fallen or stayed flat, the view at the checkout counter is grim.
Inflation may be worse than consumer price index shows Technical factors held down the government's consumer price index in April, but economists say inflation isn't whipped. The measure of prices rose 0.2% in April, down from 0.3% in March, the Bureau of Labor Statistics said Wednesday. The CPI is up 3.9% from a year earlier. The government's inflation formula dampened April's increase in gasoline costs, which rose 5.8% on an unadjusted basis. The government's formula adjusted that gain to a 0.2% drop because gasoline usually rises this time of year, the government says. "We don't think these favorable inflation numbers will stick around in May," says Jeoff Hall, senior economist for Thomson IFR. "Does anyone believe the May energy index will be unchanged the way the April one was?"
Volcker Says Fed Interventions Risk Political Battles Former Federal Reserve Chairman Paul Volcker warned that Ben S. Bernanke's interventions in securities markets opened the door to political interference that may threaten the Fed's independence in setting interest rates. ``Intervention in a broad range of credit-market instruments may imply official support for a particular sector of the market or the economy,'' Volcker said in testimony to the congressional Joint Economic Committee in Washington today. Support for specific markets ``throws them into political battles,'' he said in an interview, referring to the Fed. Volcker's comments are his most detailed warning yet about the consequences of the Fed's rescue of Bear Stearns Cos. and taking on mortgage securities from bond dealers. He joins former Fed chief Alan Greenspan in anticipating greater meddling with the central bank at a time of rising inflation pressures.
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